Malaysia’s finance ministry on May 16 announced that the unpopular Goods and Services Tax (GST) of six per cent will be discontinued from June 1. The ministry said in an official statement that the rate will formally put to zero, and that this will be implemented nationwide until a further announcement is made.

Malaysia’s new Prime Minister Mahathir Mohamad had vowed to get rid of the consumption tax that was put in place by his predecessor Najib Razak in 2015. News agency Bernama quoted Mahathir as saying that excess GST collected will be returned to those who apply for reimbursement because the government has collected “more than necessary.”

“At the same time, businesses must ensure that prices of goods and services comply with the Price Control and Anti-Profiteering Act 2011 at all times,” the finance ministry added.

Meanwhile, former Malaysian opposition leader Anwar Ibrahim has been released from prison after being granted a full royal pardon from Malaysia’s king, Sultan Muhammad V. Anwar is expected to succeed current Prime Minister Mahathir Mohamad in “one or two years” when the latter has said he will eventually retire from politics.

Speaking to the assembled media outside his home after his audience with the king, Anwar expressed his gratitude to all who fought for his freedom and hailed a “new dawn” for Malaysia with the election of the new Pakatan Harapan government and the ousting of former prime minister Najib Razak and his ruling coalition Barisan Nasional.

Malaysia’s finance ministry on May 16 announced that the unpopular Goods and Services Tax (GST) of six per cent will be discontinued from June 1. The ministry said in an official statement that the rate will formally put to zero, and that this will be implemented nationwide until a further announcement is made.

Malaysia’s new Prime Minister Mahathir Mohamad had vowed to get rid of the consumption tax that was put in place by his predecessor Najib Razak in 2015. News agency Bernama quoted Mahathir as saying that excess GST collected will be returned to those who apply for reimbursement because the government has collected “more than necessary.”

“At the same time, businesses must ensure that prices of goods and services comply with the Price Control and Anti-Profiteering Act 2011 at all times,” the finance ministry added.

Meanwhile, former Malaysian opposition leader Anwar Ibrahim has been released from prison after being granted a full royal pardon from Malaysia’s king, Sultan Muhammad V. Anwar is expected to succeed current Prime Minister Mahathir Mohamad in “one or two years” when the latter has said he will eventually retire from politics.

Speaking to the assembled media outside his home after his audience with the king, Anwar expressed his gratitude to all who fought for his freedom and hailed a “new dawn” for Malaysia with the election of the new Pakatan Harapan government and the ousting of former prime minister Najib Razak and his ruling coalition Barisan Nasional.